Price Reduction – The Legend Residence 1901

The Legend Condos - Residence #1901

Price reduction to the range of $655,000 – $645,000 at The Legend Residence 1901 located at 325 7th Ave #1901, San Diego, CA MLS# 140047561.

This is an amazing 19th floor 2BR – 2BA view condo at The Legend building that features resort style amenities, concierge and on site 24-hour security service, a 7th floor, 3,200 spectacular fully equipped entertainment deck with full Ball Park views to enjoy year around events at the adjusted Petco Park in East Village San Diego.

View more information and photos of this amazing condo!

Take a quick tour of The Legend San Diego and residence 1901 through this short video:

New Feature! Downtown San Diego Condo Market Monthly Charts

Downtown San Diego Condo Market Monthly Charts

We have added a new feature to AllSanDiegoCondos.com for you that want to see a bit more detailed data and charts for the Downtown San Diego condos market. We have added an interactive Downtown San Diego Condo Market Charts page that includes 6 charts showing monthly condo market data that is also compared to that of the previous year.

Monthly comparisons data charts include: New Listings Chart, Pending Condo Sales Chart, Closed Condo Sales Chart, Median Condo Sales Price Chart, Days On Market Until Sale Chart and a Months Supply Of Inventory Chart.

These charts are updated monthly with the previous month’s market data as reported by SDAR & Sandicor.

Downtown San Diego Road to Recovery

Broadway and Pacific

Broadway and Pacific

After new condo construction and sales explosion from 2002 to 2006, Downtown San Diego’s condo market has seen mass foreclosures and prices nearly cut in half after the housing market collapsed in 2007.

Median price per square foot peaked at $585 during the first quarter of 2005 before hitting the bottom at $326 per Sqft during the third quarter of 2011. Condo prices were falling by double digit percentages year after year for eight straight quarters starting at the fourth quarter of 2007.

Condo buildings that were under construction or under planning during the market collapse, were either converted to rentals or builders scrapped their plan. Nearly 8,300 condo units were completed in downtown from 2001 to 2009 with the last been Bayside built by Bosa Development. Downtown San Diego hasn’t seen a new condo building completed ever since.

Is the Downtown condo marker recovery here?

Since condo prices hit bottom two years ago, prices for Downtown San Diego condos for sale have steadily gone up due to growing demand and limited inventory.

In September buyers of resale condos in Downtown paid a median $445 per square foot in Downtown which is nearly 19% more than what they paid a year ago according to data provided by DataQuick.

Higher prices across downtown have made builders see that new construction in Downtown may be attractive again. Although builders don’t see a similar explosion as that of 2002 to 2006 due to tougher mortgage lending standards, this double digit median sales price rise (year over year) for five straight quarters has made them optimistic.

So optimistic in fact, that Bosa Development has announced plans of breaking ground early next year on a 41-story, 221 unit condo high rise at the corner of Broadway and Pacific. This project was approved by city planners last year and is currently it its final stages of obtaining permits.

This Bosa new construction luxury high rise at Broadway and Pacific will be the first to be completed since 2009 and is expected to go on sale in 2016 with prices rumored to be starting at $700,000.

San Diego Downtown Sales History (2000 – 2012)

The above chart based on monthly sales data from Sandicor and SDAR, we can see that median sale prices in downtown San Diego reached their highs in November 2004 (at $620,000). Since then, median sale prices were at their previous low in April of 2009 and reached their lowest in January 2011 at $324,500 in a one month unexpected peak. Currently as of July 2012 median prices are at $377,500.

Search for condos in downtown San Diego or see currently available listings in select luxury high rise in downtown San Diego

San Diego Downtown Sales History (2000 – 2009)

On the above chart which is based on monthly sales data from Sandicor and SDAR, we see that median sale prices in downtown San Diego reached their highs in November 2004 (at $620,000), showing a 56.45% increase of those in January of 2000. Since then, median sale prices were at their lowest in April of 2009 at only 25.41% above those in January of 2000, a 31.04% drop from the November 2004 highs. This chart also shows that since median sale prices for condominiums in downtown were at their lowest in April of 2009 (when compared to the November 2004 highs), at the end of the year, in December of 2009, median prices rose back up to $378,900 or a 28.74% increase of those in January 2009.

Search for condos in downtown San Diego or see currently available listings in select luxury high rise in downtown San Diego